BUDGETING. Budget Categories  Income--$$$ coming IN  Expenses--$$$ going OUT  Fixed  Flexible  Discretionary  Savings (10% of income)

Slides:



Advertisements
Similar presentations
Budgeting.
Advertisements

Mrs. Wilson Business Essentials. This lesson provides information about money management basics and the reports used to measure financial progress.
Earning Money  What is income and what are 3 possible sources?  Income is money that you have available to you to spend  3 sources: babysitting,
How To Budget Your Money Ann House, MS, CFCS. Why should I budget my money? Make your money go where you want it to go Pay off debt Resist the urge to.
Unit 12 Budgeting © iStockphotos/Thinkstock.  Income  Expenses Budget Components Fixed Flexible Discretionary ©Hemera/Thinkstock.
Budgeting II. What is a Budget? A plan for spending and saving money Most people think budgets are: –Rigid and inflexible –Painful – who wants to eat.
Money Management 28.2.
Financial Head Start. Why care? It’s Your MONEY 2.
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
Creating a budget is important to ensure your financial security, monitor your income and expenses, and a way to help you save money. In order for your.
 A budget is a written record of the money that flows in and out of your household or pocket every month.
Budgeting.
H233 Consumer Management Budget Expenses. Recommended Monthly Spending.
Securing Your Financial Future Cash Management Presented by Teresa Muench NEA Member Benefits April 4, 2015.
Creating and Maintaining a Budget Consumer Ed.  You'd never set out on a cross-country road trip without consulting a map.  Likewise, you can't expect.
Financial Planning. Income Minimum Wage - $ 8.10 hourly Associates Degree – $ 40,000 Bachelor Degree – $ 50,000 Masters – $ 45,000 - $ 85,000 Doctorate.
MY PLAN, PRACTICAL MY PLAN, WORK A I D  ANALYZE YOUR CURRENT MONEY POSITION  IDENTIFY YOUR MONEY TRAIL  DO ACTION TO IMPROVE YOUR MONEY POSITION EFFICIENTLY.
Value: How our economy is measured. Money/currency: The cash and coins we use. Treasury: controls the currency of our country. Economy: Products, people,
MANAGING YOUR MONEY Budgeting for the Real World 1.
Unit 6.3 Part 1 Budget Categories. What is a Budget? A plan for spending and saving money Most people think budgets are: –Rigid and inflexible –Painful.
Budg eting Introduction to Business & Technology.
Budgeting. What is a Budget? A plan for spending and saving money Most people think budgets are: –Rigid and inflexible –Painful – who wants to eat Top.
Setting Financial Goals
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
BUDGETING. Budget Categories  Income--$$$ coming IN  Expenses--$$$ going OUT  Fixed  Flexible  Discretionary  Savings (10% of income)
Section 6.2 Track Income and Expenses.  Goals: Describe how to set up an effective filing system for your records. Explain the difference between fixed.
Only 40 percent of Americans use a budget to plan their spending… The rest routinely spend more than they can afford.
SPENDING PLAN. Spending Plan  A spending plan is a financial statement you can use to assist in money management  also known as a budget.
Where Does the Money Go? Chapter 2: Budgeting.
BUDGETING, SCHMUDGETING…WHY DO I NEED A SPENDING PLAN? By Julie Chapman for.
What is a budget?.
CAREER BUDGET NAME 2014 – 2015 CAREER?. CAREER Career Qualifications: Entry Level Pay: Education Loan Payment: Location: Employer: Insert Career Image.
Topics Headline 5 Tips to break spending leaks om/od/savingmoney/qt/sp endingleaks.htm Main ArticleBig Picture Multimedia.
Budgeting How to manage your money. Guessing Game Question 1 How much a much do you think gas for one car costs each month?
Balancing the Budget: Fitting It All In!. “What does it mean to be financially responsible?” What was the last big purchase you made? What decisions and.
Chapter  A plan for saving and spending.  Allows you to meet your personal goals with a system of wise spending.
Mr. Stasa – Willoughby-Eastlake City Schools ©
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
BUDGETING 2010.
Creating a Budget for Mike and Jennifer. What is a Budget? Weighing how much you earn against how much you spend.
BBI 2O - Budgeting Track-o-matic
The Art of budgeting.  What is the dumbest thing I have done with my money and what did I learn from it?
Unit 6.3 Part 1 Budgeting. Purpose Learn how to manage money by preparing a personal spending plan Identify ways to decrease spending and increase income.
Spending Plans Advanced Level G1 © Take Charge Today – August 2013 – Spending Plans – Slide 2 Funded by a grant from Take Charge America, Inc.
Planning a Budget CHAPTER 28 MRS. SORRELL. Money Management Money is a limited resource Money is a limited resource Most people want more goods and services.
Week 5 Excel. JanFebMarAprMayJun Monthly Income 2700 Monthly Expenses Electric Water Cell Phones 130 Rent 800 Car Payments.
Teens lesson three the art of budgeting presentation slides 04/09.
Spending Plans Advanced Level G1 © Take Charge Today – August 2013 – Spending Plans – Slide 2 Funded by a grant from Take Charge America, Inc.
PERSONAL FINANCE GAME This project counts as a TEST grade. LISTEN and follow directions! Excel Sheets: 1- MONTHLY BUDGET SHEET 2- CHECKING ACCOUNT 3- SAVINGS.
Making a Budget 7 th & 9 th Grade FACS. How much money do you spend each week?
What is a Budget? Welcome to class! Put phones away, take out your notes and answer this question: –WHAT IS A BUDGET? In answering this question, did you.
BUDGETING 101 STUDENT CAREER DEVELOPMENT BUSINESS ADMINISTRATION 036 (740)
personal finance ms. gorski spring 2017
Creating a Personal Budget
BUDGETING.
Setting Financial Goals
Spending Plans.
Quiz on Balancing a Checkbook and writing a check
Budgeting and Saving By Mr. Brown
Budgeting Grade 9.
UNIT 3 – Test Review Budgeting and Managing a Checking Account
Primary expense Secondary expense
Budgeting Creating a Personal Budget
Spending Plan February 3, 2011.
Budgeting.
Budgeting.
Chapter 6 Budgeting.
Setting Financial Goals
Budgeting In 12 (not so) Easy Steps.
Presentation transcript:

BUDGETING

Budget Categories  Income--$$$ coming IN  Expenses--$$$ going OUT  Fixed  Flexible  Discretionary  Savings (10% of income)

Fixed Expenses  Regular Payments (Fixed every month)  Rent (Up to 30% of your income)  House payment (Up to 30% of your income)  Car payment  Insurance premiums

Flexible Expenses  Regular Expense (have some control)  Utilities (water, electricity)  Clothing  Groceries

Discretionary Expenses  Spending within your control  Entertainment  Video Games  Cell phone  Cosmetics  Eating Out

Steps for Creating a Budget  Evaluate Income  Evaluate Expenses  Record the Numbers! (Excel has some budgeting templates.)  Estimate first, then put in actual numbers as the occur.

Advantages for Creating a Budget  Allowing individuals to plan ahead for expenses  Reducing money-related anxiety  Helping to avoid overspending  Creating a savings plan  Helping to avoid late fees and additional interest charges associated with late payments

Ways to Cut Expenses and Save  Adjust flexible expenses  Plan discretionary expenses  Do not carry cash—too easy to spend  Pay off debt as fast as possible  Control use of credit cards  Pay bills on time  Change jar  Open savings account in another bank

Final Tip ALWAYS PAY YOURSELF FIRST!!! (SAVE!!!) Shoot for 10% of income